PG&E creditors push for rival Pimco-led restructuring plan - SFGate: A group of creditors angling for control of PG&E Corp. is pushing to scuttle the bankrupt utility's $31 billion restructuring plan.
An ad hoc committee of unsecured lenders filed a motion to terminate the period of exclusivity that PG&E has to file a plan for emerging from Chapter 11, according to a court filing Tuesday. That period ends on Sept 26. While it is in effect nobody else can submit a reorganization plan.
The creditor group, led by Pacific Investment Management Co., Elliott Management Corp. and Davidson Kempner Capital Management, wants to end it now so they can put forth their own plan that would see the California power company emerge from bankruptcy by the end of 2019 or shortly after. That plan would inject up to $30 billion of new money into PG&E.
"The need to exit bankruptcy expeditiously is paramount," the creditors said in the filing in U.S. Bankruptcy Court in San Francisco. "It has been five months since the petition date, and a new wildfire season has already begun."
A representative for PG&E didn't respond to a request for comment.
PG&E rose as much as 2.5% on the news. The shares gained 1.5% to $21.99 at 12:42 p.m. in New York trading, giving the c
